1) When I thought of the life insurance business and my idea I planned to make an empire out of this. I planned to make this my mark in the world and thats where people would remember me as. As appealing as that sounds, if in 5 years a company offers me a lucrative deal on my company, I would be more than happy to sell it. Not to sit on a pile of money, but continue other endeavors that would lead to greater rates of revenue.
2) I don't have a set in stone exit strategy, but I chose this one that will allow me to diversify and do more with my life than just keep it at this level. I don't want to just focus all my time and energy on one company, I want to be able to maximize my sources of revenue and get in other businesses. Life insurance is not my true calling, but it is my vehicle to explode into the entrepreneurial world.
3) My exit strategy definitely has influenced my growth within the company. It has helped me identify how I want to grow and what I want to do when the company develops. It has showed me the route I am willing to take my business to.
Friday, July 26, 2019
Reading Reflection No.3
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Ashlee Vance
For my third reading reflection I chose to read Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. I chose this book because I have always been a fan of Elon Musk and what he does, he goes against the grain and does what he wants.
The thing that surprised me the most was that he was bullied in school. I see that being smart and an introvert pushed him against the other children. As you can see he faced those troubling times, but pushed through because he understood that his work was much more important than a couple kids calling his name. He never allowed this to stray hi away from what he wanted.
The thing that I most admire about Elon Musk is that he questions everything. If there's anything I learned from the most successful people is that they do not do what the normal 97% of society does. Doing this would lead them to the same lifestyle, so that's why they're in the position they're in right now. They had the power to fight every normality and one of these was Elon Musk. Without this mentality he would not be paving the way for science innovation as he is today.
The thing I least admire about Musk is when he went off on an employee who was there to show their support at the birth of his child instead of attending a work event. He could have handled the situation differently, especially since they were there to support him and his wife.
Musk encountered a lot of adversity in his childhood with bullying at school and the separation of his parents. He overcame this by becoming a great entrepreneur and starting two very successful tech companies that he used to finance his other passions in life, helping make the world a better place.
Musk had many competencies about him from what I read. From his photographic memory to his desire to see things differently and ask questions that weren’t being asked to help solve his problems. One of, if not his biggest competencies is his desire to change the world. One of my favorite quotes was “if the rules are such that you can’t make progress, then you have to fight the rules.”
One part of the book that was confusing to me was his mindset about putting all of your projects under one roof to make a lasting impact on the world. I feel as though there are other ways to make a lasting impact and that they can wear many different hats and live under many different roofs.
If I could ask two questions they would be: What impact on your professional and personal life has smoking weed with Joe Rogan on the Joe Rogan Experience had? And What are other little projects like the flame thrower are you working on or can we expect in the future? I would ask these because I know a lot of other information is out there on him because he is so famous, and I think it would be cool to get to know him and see what other cool ideas that aren’t going to save the world he has.
I think Musk’s opinion of hard work is that it is the most important thing. He has created so many successful things and those don’t come without hard work. I share Musk’s opinion or at least what I think his opinion is on hard work, I feel it has helped me get to where I am today.
Celebrating Failure
1) I have failed numerous times this semester and classes are one of them. I am very capable of passing each class, especially when its one with no exams and just deals with writing posts and what not. The only problem is that I am not school inclined. Meaning, my number one priority is not only in school, so I struggle with keeping track of hw for classes that repeatedly post a lot like this one. I have experienced failure with this class, but Ive learned to accept it and move on with my work. Ive gotten on track and I have not missed one since. The key is to just keep pushing forward and accept responsibility for that you've done.
2) Ive learned that the only way to learn from failure is that you must take responsibility for it. You must acknowledge what you could've done better to avoid this failure for the future. Ive learned it is my fault from most things that happen, so we must be smart and learn the cause to avoid it for the next time.
3) I believe failure is one of the most important things in life. I believe it defines you as a person. People can be perfectly fine when everything is okay. It is times of hardship and adversity where others show their true character. However, their true character may be one who prevails or one who shuts down and go backwards. I also think failure is how people achieve success and without it, people would not/could not reach success. The most successful and famous people in this world have had to go through an immense amount of adversity before achieving their final destination.
2) Ive learned that the only way to learn from failure is that you must take responsibility for it. You must acknowledge what you could've done better to avoid this failure for the future. Ive learned it is my fault from most things that happen, so we must be smart and learn the cause to avoid it for the next time.
3) I believe failure is one of the most important things in life. I believe it defines you as a person. People can be perfectly fine when everything is okay. It is times of hardship and adversity where others show their true character. However, their true character may be one who prevails or one who shuts down and go backwards. I also think failure is how people achieve success and without it, people would not/could not reach success. The most successful and famous people in this world have had to go through an immense amount of adversity before achieving their final destination.
Friday, July 19, 2019
Whats Next?
Existing Market
1. I believe the next step for my service is speaking to potential life insurance companies to figure out who would be open to collaborating with me in creating these customizable plans for customers. I believe it's an amazing idea and could be open to extreme profits. However, I believe that innovation is the hardest thing to convince these well known established companies. The best thing to do is create a relationship with another startup company that believes in innovation. It will be hard, but the fact of the matter is that to be a successful entrepreneur you must take risks.
2.
Customer 1:
I asked my first customer about what they thought I needed to do next. Their primary response was that I needed to establish a certain client base. The idea itself is great, but I need to expand my network and develop a business plan with more customers. Companies want to invest in startups that have already done their research and created a client base so they can get off the ground running.
Customer 2:
My second customer suggested I begin talking to big companies that have already made their mark in the life insurance world. Even without trying to gain relationships or partnerships they could offer key insight to the new world I'm trying to enter. Understanding the way your competitors think will give you a great edge to getting better insight on the way clients in this industry work.
Customer 3:
My third customer told me that I needed to focus on the big picture things. He thinks I've gotten the basics down, but I need to focus on how I can develop the company into a bigger one. After the profits start rolling in, how will I keep my customers, how will I expand into a bigger company, will expansion hurt my profits or cause me to lose my base.
3. What makes the most sense in expanding my venture is to definitely formulate a business plan and present it to existing competitors. Not to just create relationships and finding partners to work with, but to get friendly insight on how this world works. I've done my research but the best way to get concrete insight and great feedback is to talk directly to those people.
After that really dive into my venture and start my business plan. After using the feedback to adjust my work, I can finally begin what I've been working at for the past months. I have the financials all i need is my concrete plan to get the business up and running. First step get feedback, second, get some office space, third, create the market and explode.
1. I believe the next step for my service is speaking to potential life insurance companies to figure out who would be open to collaborating with me in creating these customizable plans for customers. I believe it's an amazing idea and could be open to extreme profits. However, I believe that innovation is the hardest thing to convince these well known established companies. The best thing to do is create a relationship with another startup company that believes in innovation. It will be hard, but the fact of the matter is that to be a successful entrepreneur you must take risks.
2.
Customer 1:
I asked my first customer about what they thought I needed to do next. Their primary response was that I needed to establish a certain client base. The idea itself is great, but I need to expand my network and develop a business plan with more customers. Companies want to invest in startups that have already done their research and created a client base so they can get off the ground running.
Customer 2:
My second customer suggested I begin talking to big companies that have already made their mark in the life insurance world. Even without trying to gain relationships or partnerships they could offer key insight to the new world I'm trying to enter. Understanding the way your competitors think will give you a great edge to getting better insight on the way clients in this industry work.
Customer 3:
My third customer told me that I needed to focus on the big picture things. He thinks I've gotten the basics down, but I need to focus on how I can develop the company into a bigger one. After the profits start rolling in, how will I keep my customers, how will I expand into a bigger company, will expansion hurt my profits or cause me to lose my base.
3. What makes the most sense in expanding my venture is to definitely formulate a business plan and present it to existing competitors. Not to just create relationships and finding partners to work with, but to get friendly insight on how this world works. I've done my research but the best way to get concrete insight and great feedback is to talk directly to those people.
After that really dive into my venture and start my business plan. After using the feedback to adjust my work, I can finally begin what I've been working at for the past months. I have the financials all i need is my concrete plan to get the business up and running. First step get feedback, second, get some office space, third, create the market and explode.
Venture Concept No.1
The opportunity I’ve seen for my business is the ability to
help people with an unsought need, but one that is actually needed. For example,
people with families and finances used to support others, can benefit from life
insurance to keep supporting others if anything life threatening were to happen
to them. I classify this as an unsought need because people do not wake up and go
out and look for life insurance. It is a need one must make aware to them. In
my dealings with potential customers, I’ve come to the realization that once
they are made aware of the potential benefits life insurance will offer them, it
practically turns into a necessity.
I’ve also identified my potential customers as a wide age
range. Life insurance does not cover just those in good financial position who
have something to lose in a life-threatening situation. It covers everyone just
because the premise of this idea is that “everyone is in denial of their
mortality’. That expression so clearly identifies the target audience, because
at any point in your life, something can happen that renders you incapable of
taking care of yourself. If you are a young teen who has recently become
independent with a job and an income, the last thing you want to do is have to
become dependent on your parents for the remainder of your life. Without a
proper compensation plan to be careful about the future, how can you be
prepared. However, this opportunity also becomes equally important to those who
have an income and have dependents upon that income. Examples of this include
husbands, children, wives, parents, and just relatively anyone that depends on
you. Those that depend on you cannot afford for anything to happen to you,
which is where life insurance plays a role. Basically means, expect the
unexpected.
This market is opened for life. The window of opportunity
will never close because no matter what people will need to be insured for the
rest of their lives. Unless there is an alternative to insurance in which
people can protect themselves from these unexpected accidents, I believe life
insurance will be here to stay. As for the geographical context, I plan to stay
in America. Expanding to international areas brings too many problems and
changes I believe I’m not ready for, until my business has reached the maturity
stage of its process. America is the biggest economy in the world, so to be
able to market and sell my product in an economy of this scale, I believe my profit
margins are going to be well over enough.
Figuring all this out has given me an amazing opportunity
that most don’t understand. People try to find opportunity in things that consumers
seek out on a daily basis. My idea has formed by thinking just a little bit
outside the box.
After discovering my opportunity, I have been able to be
innovative with the product. The biggest problem in finding customers is the
fact that life insurance policies become to unexpected. Most consumers have the
mindset of not wanting to pay for something they don’t directly reap rewards from.
Car insurance is a necessity if you want to drive a car, but sometimes most don’t
even offer to pay for that. Consider the fact that this is a legal requirement
to even drive a car. To bypass this barrier, I have formed a plan create
customizable insurance plans that become affordable to every age range. The
purpose of this is the idea that it appeals to every age range and that not
everyone wants to have the same life insurance coverage. But why would a
younger person pay the same price as an older person who is well into his/her
career and is already financially stable? This is where my company truly
elevates the game to the next level.
Creating these customizable plans will lower my commissions
deeply. The plan is having cheaper commissions but bigger quantities of
customers. Kind of taking a Walmart style approach by appealing to a larger clientele
is another form of innovation. Walmart was a pioneer in the field of grocery
and wholesale who completely changed the game. This is my idea. It will take a
lot of work but being an innovator is where the true entrepreneurs really
become successful.
I have defined my innovation and my opportunity, so the next
step is my venture capital. Customers would switch to my idea for the fact that
they get a personalized plan based on finance, age, and expected growth. This
way they can pay for a plan that offers similar coverage for the price they are
able to, not just one that is a standard rate for everyone. This is going to
involve heavy collaboration and relationships with life insurance companies to
be able to get these plans but expected profit and payout will be enough to
provide incentive. In every fair market there is always going to be competition,
but that Is the only way capitalism would work. Obviously, my main competitors
will be well trusted agencies that have been around for a long period of time. These
agencies have a giant customer base and have well established relationships
with the life insurance companies and their customers.
The great thing about this service-based industry is that we
don’t need packaging or distribution in terms of materialistic areas. However,
distribution is important in this area. We must have proper distribution with
life insurance plans and keep a standard system for keeping customer database
in check. Also, setting a proper business is the biggest step in making this
big. I love this because my business can start with just me and as profits and
clients grow so can my business. Bringing on a second employee would be an
assistant to keep track of my customers to be able to keep expanding. After
having a good database of customers I can begin to bring in another salesperson
and continue gradual expansion.
Your Ventures Unfair Advantage
List of the Resources:
1. Salespeople
- Valuable: You only need 1 person to run this thoroughly and keep everything in check. Even if you want to expand your business you only really need 2 or 3 people in the firm to sell efficiently.
- Rare: Most companies and ideas need a giant work force to even be able to get off the ground
- Inimitable: Having a small workforce is basically unseen in todays world
- Non-Substitutable: Human capital is the center of this area. Insurance has to be sold by a person to another person. It is done so best by the word of mouth.
2. Financial Capability
- Valuable: As a person already heavily involved in the financial sector, this company does not need a big amount of start up capital, however I easily possess the money to start the business
- Rare: Most companies take a lot of money to begin but with mine, we dont need that much startup money to be able to do things.
- Inimitable: Using a small amount of cash allows me to do other things within the company and develop other ideas to keep expansion and keep things flowing.
- Non-Substitutable: Finances cannot be substituted by anything else in the world.
3. Customizable Insurance Plans
- Valuable: it is the premise of the company. It is extremely valuable and cannot be replaced for any other resource.
- Rare: Having customizable insurance plans makes this extremely rare to find with many life insurance salesmen or brokers
- Inimitable: being a pioneer in this area, this is very copyable, but thats what happens in a pure competition is all about
- Non-Substitutable: Without customizable insurance plans the company or plan does not exist
4. Office Space
- Valuable: Having an office space gives a presence of being the real deal in the business world. A lot of people view companies by materialistic viewpoints. Being a company with an office would boost sales by just having some concrete database
- Rare: Not too rare, but a basic resource that most places depend on
- Inimitable: Most big businesses have office space in order to work
- Non-Substitutable: Being a business which takes little work force or little human capital, you can easily work from home or in an area much smaller
5. Company Website Outlining the Purpose, Mission Statement, and much more
- Valuable: Having a website is the easiest way to convey information to the general public about what it is you're doing.
- Rare: In an ever-changing environment the internet is the fastest growing sector in the world. Every company or growing industry must be involved in the internet race. It is not a rare platform but it is crucial.
- Inimitable: every company should have their own, so having a website is easily copyable
- Non-Substitutable: Instead of having a website I could push for word by mouth messages to convey the platform of my industry as well as my idea.
6. Assistant
- Valuable: Aside from salespeople, an assistant provides ridiculous support in enhancing the efficiency of the company. Having an assistant can keep track of all records, appointments, meetings, and other busy work salespeople do not have the liberty to do.
- Rare: Most companies or offices have assistants to keep track of the day to day tasks that the salespeople cannot do without help. Although it is not a task that takes a lot of education to do, Assistants/Secretaries are crucial to the development of any good work.
- Inimitable: Most companies have assistants to keep track of work
- Non-Substitutable: I can take on the workload without an assistant but it will prove inefficient to my work.
7. Marketing Tools
- Valuable: How are people going to decide if you are the right agency to use for their life insurance needs? The marketing of the company will prove the most valuable asset as a a startup. With negative views on life insurance agencies, most people will not hear or be interested in this new company. Life insurance is an unsought product most do not seek.
- Rare: Every company, business, or industry needs to be efficient in marketing to get their product known. Without it, most companies would fail just like most do.
- Inimitable: Every company needs to market, but it's not easy to copy the marketing tools and ideas of other companies.
- Non-Substitutable: You cant replace marketing without risking the failure of your company.
8. Client resource Companies
- Valuable: The whole premise of the company resides in obtaining clients that create commissions for the company. Using a Client Resource Company will give you access to a database filled with client information to narrow your search in the target market you are trying to attract.
- Rare: Using these companies is not rare because most service related industries pay these companies to locate specific clients in order to be more efficient.
- Inimitable: This is easily copyable by other companies because they were invented for this specific use
- Non-Substitutable: The method of finding customers can be substituted in many ways and can be done using a thousand other methods.
9. Liability Insurance
- Valuable: It is essential in the legal aspect of the company to protect yourself against liabilities that could happen, by either the insurance plan to give you false information or by the person to commit insurance fraud.
- Rare: Every company in most sectors needs insurance to run to be protected by any case scenario.
- Inimitable: Every company needs it
- Non-Substitutable: You cannot substitute this for anything because it is an essential resource.
10. Cybersecurity/Personal Security
- Valuable: In modern day area cyber security has grown as an increasing need. With so much information being available online, the personal security of a client should be number 1. Apple has faced major problems in the past with their lack of security.
- Rare: Having good cybersecurity is essential to most companies but it is rare for it to be good. Most will settle for adequate because it costs less and for the most part it does their job.
- Inimitable: Most companies will copy but it depends on what type they get.
- Non-Substitutable: Cybersecurity cannot be substituted for the fact that everything nowadays is transitioning into the biggest necessity for worldwide business that hold client sensitive information.
1. Salespeople
- Valuable: You only need 1 person to run this thoroughly and keep everything in check. Even if you want to expand your business you only really need 2 or 3 people in the firm to sell efficiently.
- Rare: Most companies and ideas need a giant work force to even be able to get off the ground
- Inimitable: Having a small workforce is basically unseen in todays world
- Non-Substitutable: Human capital is the center of this area. Insurance has to be sold by a person to another person. It is done so best by the word of mouth.
2. Financial Capability
- Valuable: As a person already heavily involved in the financial sector, this company does not need a big amount of start up capital, however I easily possess the money to start the business
- Rare: Most companies take a lot of money to begin but with mine, we dont need that much startup money to be able to do things.
- Inimitable: Using a small amount of cash allows me to do other things within the company and develop other ideas to keep expansion and keep things flowing.
- Non-Substitutable: Finances cannot be substituted by anything else in the world.
3. Customizable Insurance Plans
- Valuable: it is the premise of the company. It is extremely valuable and cannot be replaced for any other resource.
- Rare: Having customizable insurance plans makes this extremely rare to find with many life insurance salesmen or brokers
- Inimitable: being a pioneer in this area, this is very copyable, but thats what happens in a pure competition is all about
- Non-Substitutable: Without customizable insurance plans the company or plan does not exist
4. Office Space
- Valuable: Having an office space gives a presence of being the real deal in the business world. A lot of people view companies by materialistic viewpoints. Being a company with an office would boost sales by just having some concrete database
- Rare: Not too rare, but a basic resource that most places depend on
- Inimitable: Most big businesses have office space in order to work
- Non-Substitutable: Being a business which takes little work force or little human capital, you can easily work from home or in an area much smaller
5. Company Website Outlining the Purpose, Mission Statement, and much more
- Valuable: Having a website is the easiest way to convey information to the general public about what it is you're doing.
- Rare: In an ever-changing environment the internet is the fastest growing sector in the world. Every company or growing industry must be involved in the internet race. It is not a rare platform but it is crucial.
- Inimitable: every company should have their own, so having a website is easily copyable
- Non-Substitutable: Instead of having a website I could push for word by mouth messages to convey the platform of my industry as well as my idea.
6. Assistant
- Valuable: Aside from salespeople, an assistant provides ridiculous support in enhancing the efficiency of the company. Having an assistant can keep track of all records, appointments, meetings, and other busy work salespeople do not have the liberty to do.
- Rare: Most companies or offices have assistants to keep track of the day to day tasks that the salespeople cannot do without help. Although it is not a task that takes a lot of education to do, Assistants/Secretaries are crucial to the development of any good work.
- Inimitable: Most companies have assistants to keep track of work
- Non-Substitutable: I can take on the workload without an assistant but it will prove inefficient to my work.
7. Marketing Tools
- Valuable: How are people going to decide if you are the right agency to use for their life insurance needs? The marketing of the company will prove the most valuable asset as a a startup. With negative views on life insurance agencies, most people will not hear or be interested in this new company. Life insurance is an unsought product most do not seek.
- Rare: Every company, business, or industry needs to be efficient in marketing to get their product known. Without it, most companies would fail just like most do.
- Inimitable: Every company needs to market, but it's not easy to copy the marketing tools and ideas of other companies.
- Non-Substitutable: You cant replace marketing without risking the failure of your company.
8. Client resource Companies
- Valuable: The whole premise of the company resides in obtaining clients that create commissions for the company. Using a Client Resource Company will give you access to a database filled with client information to narrow your search in the target market you are trying to attract.
- Rare: Using these companies is not rare because most service related industries pay these companies to locate specific clients in order to be more efficient.
- Inimitable: This is easily copyable by other companies because they were invented for this specific use
- Non-Substitutable: The method of finding customers can be substituted in many ways and can be done using a thousand other methods.
9. Liability Insurance
- Valuable: It is essential in the legal aspect of the company to protect yourself against liabilities that could happen, by either the insurance plan to give you false information or by the person to commit insurance fraud.
- Rare: Every company in most sectors needs insurance to run to be protected by any case scenario.
- Inimitable: Every company needs it
- Non-Substitutable: You cannot substitute this for anything because it is an essential resource.
10. Cybersecurity/Personal Security
- Valuable: In modern day area cyber security has grown as an increasing need. With so much information being available online, the personal security of a client should be number 1. Apple has faced major problems in the past with their lack of security.
- Rare: Having good cybersecurity is essential to most companies but it is rare for it to be good. Most will settle for adequate because it costs less and for the most part it does their job.
- Inimitable: Most companies will copy but it depends on what type they get.
- Non-Substitutable: Cybersecurity cannot be substituted for the fact that everything nowadays is transitioning into the biggest necessity for worldwide business that hold client sensitive information.
Friday, July 12, 2019
Reading Reflection No. 2
The Wright Brothers by David McCullough
1.) The book is about the Wright Brothers who invented the first functioning flying machine. While it discusses the personal life of the Wright brothers and their family, the main purpose of the book focuses on the over ten-year pursuit of the development of the airplane. The biggest theme of the book is endurance and the burning desire to succeed at all costs. The Wright Brothers faced ever lasting challenges because they were pioneers within their field, not only in marketing but in technology. To be a successful entrepreneur you must have a burning desire to make it.
2.) The book helped me in this class because it showed how other entrepreneurs were able to be successful.I saw the adversity these two went through, in a time where the available resources were limited, and still came out on top. Because of their determination they were able to be known through eternity.
3.) If I had to design an exercise for this class based on this book, I would have students create a structure using only uncooked spaghetti and marshmallows. Each group would be timed and have to create the tallest structure without falling or breaking. The task is more difficult than it sounds and is a great way to prove that you will fail many times before a good outcome takes place.
4.) The biggest 'aha' moment that I took from reading this book was the amount of patience and determination the two brothers had. It took them over 10 years to become successful, in that amount of time the normal person would have already called it quits. To become successful you must be patient and have the will to be someone with your idea.
1.) The book is about the Wright Brothers who invented the first functioning flying machine. While it discusses the personal life of the Wright brothers and their family, the main purpose of the book focuses on the over ten-year pursuit of the development of the airplane. The biggest theme of the book is endurance and the burning desire to succeed at all costs. The Wright Brothers faced ever lasting challenges because they were pioneers within their field, not only in marketing but in technology. To be a successful entrepreneur you must have a burning desire to make it.
2.) The book helped me in this class because it showed how other entrepreneurs were able to be successful.I saw the adversity these two went through, in a time where the available resources were limited, and still came out on top. Because of their determination they were able to be known through eternity.
3.) If I had to design an exercise for this class based on this book, I would have students create a structure using only uncooked spaghetti and marshmallows. Each group would be timed and have to create the tallest structure without falling or breaking. The task is more difficult than it sounds and is a great way to prove that you will fail many times before a good outcome takes place.
4.) The biggest 'aha' moment that I took from reading this book was the amount of patience and determination the two brothers had. It took them over 10 years to become successful, in that amount of time the normal person would have already called it quits. To become successful you must be patient and have the will to be someone with your idea.
Elevator Pitch No.3
https://www.youtube.com/watch?v=S0SVvIyhTXk
In this pitch I received positive feedback from my last one. People told me it was basically all set in stone and that all I needed to do was be more fluent with my words. In this last one I practiced my speech a little better and was able to do it without stuttering and able to get my message across much more clear. As a very extroverted person I am always comfortable being in front of the camera and being able to speaking my mind with what I have to say,
In this pitch I received positive feedback from my last one. People told me it was basically all set in stone and that all I needed to do was be more fluent with my words. In this last one I practiced my speech a little better and was able to do it without stuttering and able to get my message across much more clear. As a very extroverted person I am always comfortable being in front of the camera and being able to speaking my mind with what I have to say,
Growing Your Social Capital
1. Person Who is an Expert:
Mr. Brian Shey is life insurance agent in his own firm in SterlingWyatt. He was my boss and the man who made me interested in this business. He grew up in Gainesville and worked for a a big corporate job in the field at the start of his career. He then decided the corporate world was not for him. He opened up SterlingWyatt a his own company. I met him through a friend in which I applied to be his summer intern. I worked with him for about a month and learned a lot about the industry. Working with him in my industry will expand my knowledge about everything. With more years of experience under his belt, Mr. Shey is able to teach me many things and expand my knowledge on things I didn't know about.
2. Expert With the Target Market
My fathers friend Chris is a financial advisor. As a man who deals with peoples finances on a day to day basis he is the expert in the target market. He is able to talk to people on a daily basis and understands those who are financially in need and able to have customized insurance plans. Chris met my dad at a cigar shop where he was able to get close to him. Later on I spoke to Chris myself and he gave me great tips on how to be successful within the market. He showed me who I should speak to and how to understand if a person is financially adept to taking this on.
3. Someone who is A supplier:
Mr Williams is an executive of One America, a company who has one of the biggest client databases in the world. Their supply necessities of giving me all available client information to secure my clients. As a life insurance provider I do not necessarily have a supply, other than securing clients. The clients become my supply because without them I have no business. I met Mr. Williams through Mr. Shey while I was interning and we were able to have a talk and network greatly.
Final Reflection:
I am a great networker. Using this assignment has shown me how well I can be with people and how I can talk to them. Networking for this project has been similar to networking in the past with numerous clients. Being able to talk to people and gain experience through their value is extremely important for my future endeavors.
Mr. Brian Shey is life insurance agent in his own firm in SterlingWyatt. He was my boss and the man who made me interested in this business. He grew up in Gainesville and worked for a a big corporate job in the field at the start of his career. He then decided the corporate world was not for him. He opened up SterlingWyatt a his own company. I met him through a friend in which I applied to be his summer intern. I worked with him for about a month and learned a lot about the industry. Working with him in my industry will expand my knowledge about everything. With more years of experience under his belt, Mr. Shey is able to teach me many things and expand my knowledge on things I didn't know about.
2. Expert With the Target Market
My fathers friend Chris is a financial advisor. As a man who deals with peoples finances on a day to day basis he is the expert in the target market. He is able to talk to people on a daily basis and understands those who are financially in need and able to have customized insurance plans. Chris met my dad at a cigar shop where he was able to get close to him. Later on I spoke to Chris myself and he gave me great tips on how to be successful within the market. He showed me who I should speak to and how to understand if a person is financially adept to taking this on.
3. Someone who is A supplier:
Mr Williams is an executive of One America, a company who has one of the biggest client databases in the world. Their supply necessities of giving me all available client information to secure my clients. As a life insurance provider I do not necessarily have a supply, other than securing clients. The clients become my supply because without them I have no business. I met Mr. Williams through Mr. Shey while I was interning and we were able to have a talk and network greatly.
Final Reflection:
I am a great networker. Using this assignment has shown me how well I can be with people and how I can talk to them. Networking for this project has been similar to networking in the past with numerous clients. Being able to talk to people and gain experience through their value is extremely important for my future endeavors.
Friday, July 5, 2019
Elevator Speech 2.0
From the feedback I received from the original pitch, I realized one of my strong suits is the ability to create a strong presentation. My ability to be dynamic and explosive gives the elevator pitch the niche most are looking for when doing one of these. I believe the most important aspect of getting a new product out there is the communication of what it does, and the ability to entice others to mine, is what will blow it up.
Idea Napkin No.2
1) YOU: I am a person who is very confident and ambitious with the things I want to accomplish in the future. I am easy going, laid back, very easy to talk to, which is why one my talents and skills is handling people. I am a complete people person and am able to speak to any type of person and easily understand what appeals to them to stay interested in what I have to say. By being able to speak to people extremely easy, this business would have me in contact with numerous amounts of people on a day to day basis. Any job in sales is something I aspire to be the center stone of my life.
2) WHAT ARE YOU OFFERING: I am offering a Customized life insurance plan for people in age of their life. IT is created to help those at risk financially (which is anyone at any age) for whatever kind of plan they need in order to fix it for the feature.
3) WHO ARE YOU OFFERING IT TO: I am offering it to those who are at risk financially. I am offering to anyone that could use protection for the future.
4) WHY DO THEY CARE? : everyone is always worried about their future and how money is going to play into it. Especially if an accident means affecting people around you in a life altering negative way.
5) WHAT ARE YOUR CORE COMPETENCIES? What sets me apart from competitors or others is that no one in the life insurance game has a this type of customization plan.
These elements create the foundation for the success needed for your product. Figuring out yourself and then figuring out the problems your product is solving makes this combination dynamic. To be successful in this world you need combninations so by linking these in you have your starting way.
2) WHAT ARE YOU OFFERING: I am offering a Customized life insurance plan for people in age of their life. IT is created to help those at risk financially (which is anyone at any age) for whatever kind of plan they need in order to fix it for the feature.
3) WHO ARE YOU OFFERING IT TO: I am offering it to those who are at risk financially. I am offering to anyone that could use protection for the future.
4) WHY DO THEY CARE? : everyone is always worried about their future and how money is going to play into it. Especially if an accident means affecting people around you in a life altering negative way.
5) WHAT ARE YOUR CORE COMPETENCIES? What sets me apart from competitors or others is that no one in the life insurance game has a this type of customization plan.
These elements create the foundation for the success needed for your product. Figuring out yourself and then figuring out the problems your product is solving makes this combination dynamic. To be successful in this world you need combninations so by linking these in you have your starting way.
Create A Customer Avatar
The problem with my idea is that it is available to everyone because of its tailor made characteristic that is easily customizable for every person who seeks insurance. However, there is always a certain customer the aspect of life insurance appeals too.
Now to be more descriptive, my ideal customer would be someone in a good financial position with dependents on the salary. This would be a man with a family, whose salary is extremely important in keeping the household maintained. With this aspect he needs to be prepared for anything that could happen to him in the financial aspect. This would include death, injury, or any unforeseen tragedy that could happen that would damage the household and make them change their lifestyle.
"Mid 40s Man who supports a household of dependents"
- His hobbies include fishing, cooking, watching sports, and playing sports with their children
- He would drive a nice car like either a truck of the year or a a suburban dad vehicle like ford, dodge, or lexus. (Black, white, or silver)
- He likes to watch the history of the USA, World Wars and the local news.
- He loves to spend time with his kids and do things that please them
- Hes very comfortable with his finances and loves to reward himself with luxuries.
- He has a boat and goes fishing at least twice a week with friends.
- A tiny bit overweight but gives himself the dad bod.
- He likes to watch the history of the USA, World Wars and the local news.
- He loves to spend time with his kids and do things that please them
- Hes very comfortable with his finances and loves to reward himself with luxuries.
- He has a boat and goes fishing at least twice a week with friends.
- A tiny bit overweight but gives himself the dad bod.
As far as us having anything in common not really mainly because of the age difference and stages in your life. But i think having many things in common is the fact that you can relate to their needs and understand the desires the consumer has.
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